JD Cables IPO: Bidding opens with 3x demand
JD Cables's IPO kicked off with a bang, getting oversubscribed by nearly 3 times on the very first day.
The West Bengal-based cable maker is aiming to raise about ₹96 crore, offering both fresh shares and some from promoters.
If you're interested, bidding runs until September 22, with share allotment out on September 23 and trading set to start on the BSE SME platform from September 25.
JD Cables is dwarfed by Dynamic Cables
The IPO saw over 1.3 crore shares bid for just 45 lakh shares—so demand was high across the board.
Institutional investors snapped up their portion more than seven times over, while retail buyers also showed solid interest.
JD Cables plans to use most of the funds for working capital and loan repayments as it looks to grow in a market where rival Dynamic Cables is four times bigger than JD Cables in terms of revenue.